“This was a Budget where millions are being asked to pay more, so millionaires can pay less. And George Osborne’s budget has unravelled with every passing day it’s unfairness and lack of plan for jobs and growth have been exposed.

“Today Labour will seek votes on behalf of the ordinary families and businesses who will lose out, and to stop the Government’s £3bn tax cut for only the very top earners - a £40,000 cut for 14,000 millionaires.

“We are calling on Liberal Democrat and Conservative MPs who fear that George Osborne has got things badly wrong to join us in standing up for households and businesses.

“We will seek to prevent the cut in the top rate of tax which George Osborne has prioritised whilst the average family with children will be £511 worse off this year as a result of his decisions.

“Our economy has now stalled for a year and a half and George Osborne’s still has no plan for jobs and growth. The IMF has echoed the OBR in predicting just 0.8% growth in 2012 compared to 2.5% forecast in last year’s Budget. The Government is set to borrow £150 billion more than planned because of slower growth and higher unemployment.

“Under this Government there are more than one million young unemployed. So we will be calling on the Government to repeat the tax on Bank Bonuses which under Labour raised £3.5bn to fund a real youth jobs guarantee which will give over 100,000 long term unemployed young people a guaranteed job which they will have to take up.

“And for those businesses and employees whose livelihoods have been thrown into doubt by the Government’s chaotic changes to VAT we will seek to vote to force the Government to think again on their VAT hikes on hot food, static caravans and on improvements to listed buildings like churches. These are changes that have not been though through from a government that is increasingly out of touch.”